J&K Bank continues deliberations with business community

CMD J&K Bank, R K Chhibber at meeting with trade & business bodies at Srinagar on Monday.
CMD J&K Bank, R K Chhibber at meeting with trade & business bodies at Srinagar on Monday.

* Revival should go hand in hand: Chhibber

Excelsior Correspondent

SRINAGAR, May 4: Extending its discussions further with the business communities, J&K Bank leadership met a delegation comprising of members from various trade bodies of Kashmir valley at its headquarters here today.
Flanked by the team of his senior management, Chairman and Managing Director (CMD) of the Bank, R K Chhibber led the deliberations with the delegation of business and industries community headed by president Kashmir Chamber of Commerce and Industry (KCCI) Sheikh Ashiq. The participants from the bank included Executive Presidents Arun Gandotra, G N Teli, and Special Secretary to CMD Karanjit Singh besides Vice Presidents Fayaz Ahmad Zargar, Manzoor Hussain, Peer Masood, Tasaduq Ahmad, Tabasum Nazir and AVP Reyaz Ahmad Wani. The delegation included members of Kashmir Economic Alliance, Kashmir Traders and Manufacturers Federation (KTMF), Kashmir Hoteliers and Restaurant Owners Federation (KHAROF), JK Tourism Alliance, J&K Private School Association and Cold Storage Owners Association. Besides, representatives of Kashmir Distributors & Super Stockists Association, J&K Association of Hajj and Umrah Companies, J&K Artisan Rehabilitation Forum, Shehr-i-Khaas Traders and Coordination Committee and J&K Chemists and Druggists Association were also present.
Lauding the efforts of the bank for initiating the series of interactions with all the stakeholders of J&K economy especially the business community, the members of the delegation thanked the bank’s management for being sensitive and empathetic to the problems faced by them in the wake of COVID-19 pandemic preceded by the lockdown.
The members requested the bank to consider their request of increasing the additional facility in working capital limit from 10% to 20%, interest rebates on loans for businesses, soft loans or interest free loans for hoteliers so that jobs can be secured and salaries can be paid. The members also requested the bank to take up the matter of various pending subsidies and subventions due with the UT Government. The members requested the bank to review OTS policy of the bank.
While urging the bank to strongly take up issues of business committee with Government and other regulatory authorities, the delegation also pleaded for special packages for handicrafts sectors which mainly provides livelihood to people. The members also requested the bank for organizing more customer meets at the branch level.
Summing up the bank’s mantra to deal with the current crisis, the CMD said that survival and revival should go hand in hand while reiterating the bank’s commitment to extend all possible support to the business communities.
Responding to the concerns raised by the members of delegation, the CMD assured the audience that all the possible benefits within the regulatory framework shall be extended to the borrowers. Clearing the bank’s stance on EMI deductions, he said, the bank has followed the guidelines of RBI, however, in some cases where deductions have been effected; those are for the period before March, wherein installments were pending.